Seminar on Redevelopment of Housing Societies – 9&10 Jan

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Mumbai, Jan 16, 2015 –

Mr. Lalit Jain, chairman CREDAI, inaugurated the seminar and highlighted the importance of holding such seminars by ICAI. He said there is already demand for 2.2 million houses but there is no vacant land.Therefore, the only option is to increase the FSI. As per the international standard any FSI below 5 is disaster but we in Mumbai still managing with 1.33 FSI. There is an impression that any increase in FSI is going to benefit the developer. Ultimately, it is the general publilc who will be getting the flats at reasonable rate. He congratulated the organizer and also that CAs can play a major role as Project management consultant to execute the project.

Considering the demand, Redevelopment is the only option for the growth of Mumbai.
CA. Rajkumar Adukia, the Chairman of Committee for Cooperative & NPO Sectors (CCONPO), gave a key note address and encouraged the CAs to consider the redevelopment as one of the professional opportunity.On day one CA Ramesh Prabhu, the founding chairman of the Vasai Taluka Co-operative Housing Federation Limited, stole the show with in depth coverage of the DCR Rules right from the inception and also touched upon the topic of Deemed Conveyance for which he is hailed as an architect of law. Mr. Prabhakar Churi, Hon. Director of Mumbai District Co-operative Housing Societies Federation, spoke on the framing of bye laws of housing societies and created awareness on the importance of Bye laws.

Mr. Ram Yadav, CEO of Real Estate Practice at Edelweiss Financial Advisors Ltd gave an overview of the funding sources and their respective appetites in risk taking and comforts required for funding a redevelopment project. 

CA Manish Gadia concluded the day’s session with his exhaustive coverage on service tax matters in redevelopment of housing societies.

The second day started with energy when CA Tarun Ghia addressed the participants not only on income tax matters but also the important aspects of drafting of instruments and its implication on stamping of the instrument. Adv. KK Ramani captivated the audience with his conventional lecture on important clauses in redevelopment agreement, members’ agreements, deed of indemnity, POA & bank guarantee. Post lunch the first session was led by Mr. Umesh Dhargalkar, a practicing structural engineer and member of PEATA, who gave an outline of the entire redevelopment process with timelines and the different agencies involved. He also covered on the major aspects to be considered while evaluating a PMC for selection for the project execution.

CA Subhash Chhajed who is presently on the panel of Conciliator and Mediator of Hon. Mumbai High Court, gave a short presentation on MVAT. Adv. Vinod Sampat spoke at length on the precautions to be taken while selection of developer and pre-requisites for getting selected as developer in a housing society. The event concluded with a power packed delivery on Stamp duties and registrations by CA Vimal Punmiya, holding the attention of the participants at large. The two days conference was a great success and there was a sense of satisfaction among all the participants. CCI Newswire